HSBC China's reading of the country's manufacturing purchasing managers' index (PMI) has risen to its highest point since the start of 2013, adding to signs of national economic improvement.
HSBC's flash PMI figure for July is 52 points, up from 50.7 for June and 49.4 for May and higher than all HSBC final readings since January 2013, the bank announced on Thursday.
The improvement was broad-based with both new orders and new export orders expanding at a faster pace than in June, and sub-indices for employment and prices also improved, according to China's (Xinhua) News Agency.
"Economic activity continues to improve in July, suggesting that the cumulative impact of mini-stimulus measures introduced earlier is still filtering through. We expect policy makers to maintain their accommodative stance over the next few months to consolidate the recovery," HSBC said.